Bank Nifty analysis for tomorrow, Thursday, 23rd February
Bank Nifty analysis and probable important support and resistance levels for tomorrow, Thursday, 23rd February
Bank Nifty is currently in downtrend in daily time frame, and can expect continuation in the same direction in coming days, but between this period we may expect to see a slight pull back in lower time frame.
Tomorrow, we will avoid a directional trade between 40211 and 40061. And above this zone, we will go for a bullish trade preferably after a proper price action. 40427 and 40725 may be the target in upside. A reversal can be expected from both the levels, and in between these levels there may some minor resistance levels too.
Currently, SGX Nifty is 100 points positive, and if it sustains up to tomorrow morning, we may expect to see a gap up opening, and we will only go for bearish trade, after BN crossing the bottom with a price action, in that case 39880 will be the first level of support. Form this level we may expect a bullish reversal.
39597 and 39295 can be the second and third levels of support in downside, but chances of reversal in bigger time frame from these levels are low.
OI data seem purely bearish, with 41000 and 40500 in CE side huge OI build up, and can expect support up to some extant at 40000 and 39500 levels with some OI.
*Strictly a personal opinion, not at all a trade advice*
Bank Nifty is currently in downtrend in daily time frame, and can expect continuation in the same direction in coming days, but between this period we may expect to see a slight pull back in lower time frame.
Tomorrow, we will avoid a directional trade between 40211 and 40061. And above this zone, we will go for a bullish trade preferably after a proper price action. 40427 and 40725 may be the target in upside. A reversal can be expected from both the levels, and in between these levels there may some minor resistance levels too.
Currently, SGX Nifty is 100 points positive, and if it sustains up to tomorrow morning, we may expect to see a gap up opening, and we will only go for bearish trade, after BN crossing the bottom with a price action, in that case 39880 will be the first level of support. Form this level we may expect a bullish reversal.
39597 and 39295 can be the second and third levels of support in downside, but chances of reversal in bigger time frame from these levels are low.
OI data seem purely bearish, with 41000 and 40500 in CE side huge OI build up, and can expect support up to some extant at 40000 and 39500 levels with some OI.
*Strictly a personal opinion, not at all a trade advice*
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